Toronto Real Estate Market Update: July 2021

July continued on the recent trend of Summer 2021, which includes recovery from 2020 and adjusting from the Spring of 2021; where we saw very robust activity and high prices. This past month we saw a slight increase in prices over the month before (0.9%) and 12.6% increase from the year before (this is still the effect of market adjustment due to COVID-19). Transactions were down from last year 14.9% and down from last month 2%. I would account for this being that a year ago we started to see an uptick in activity that moved into the fall of 2020 and the winter of 2021 and lost some steam last month.

August will be much of the same and then in September we will be busy once again with a more normal fall market. Although not 100% normal as we will still be dealing with the after effects of the major COVID-19 impact and some of the lingering challenges (Delta variant etc).

For Buyers, August is always a good time to look at properties that have been sitting or did not sell and have been terminated (perhaps to come back in September) and see if an opportunity arises. There is less competition to be able to reasonably negotiate with the sellers vs a high stress bidding war.

Thank you and, as always, don’t hesitate to reach out if you would like to discuss my comments further and if you would like a more in depth analysis in your specific area as Toronto pricing is often area specific.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com

Toronto Real Estate Market Update: June 2021

June saw a year-over-year increase in sales prices of 17% (June 2020 vs June 2021) but seasonally adjusted prices were flat or 0% (May 2021 vs June 2021). The seasonally adjusted numbers in this era of COVID are more relevant. Volume of sales was up 28.5% year-over-year but down -9.1% when looking at seasonally adjusted figures. Days on Market were, once again, down 34.6% compared to last year. It appears that June started to get back in line with “real” year-over-year historic sales numbers. What I mean by that is that for the last 6 months it was very difficult to compare price increases to the same month in 2020 when from mid-March to mid-June real estate sales dropped off to a near standstill while the world was trying to figure out what was next.

In the fall of 2020 and the winter and spring of 2021 we were in “catch up” mode with lower interest rates, pent up demand and the new reality of homeowners truly wanting to find the “right size”. This could mean a bigger home since owners were working and living in the home and the children had virtual schooling or selling as people wanted to move out of the city as working from home was more viable now. It feels that July and August will be more of a normal summer real estate season with many people thinking of other things like travelling (mostly within Canada), going to vacation properties, or just enjoying the re-opening of Toronto and all it has to offer. Summer 2020 was still playing catch up and as such there was an increased amount of activity. Summer 2021, I believe, for the most part in Toronto Real Estate will see a more normal season and, as such, come the fall we will see the normal uptick once everyone gets back to school and we start moving into “regular life”.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com